Refurbished Five-Unit Apartment
For Sale
$849,000
1518 E Passyunk Avenue, Philadelphia, PA 19147
A newly refurbished five-unit building in Philadelphia with updated finishes and on-site laundry convenience.
Property Size2,211 SF
Price / SF$383.99
Days on Market1009
Property Features for 1518 E Passyunk Avenue
General Information
Standard status
Active
Size
2,211 SF
Property subtype
Multi-Family
Zoning
CMX25
Net Operating Income
$55,300
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$11,898
Amenities
Natural Gas
Yes
No
Assessor
No Pool
Public
CA0
17.00 x 70.00
0.03
Concrete Perimeter
255000.00
Building Details
Building Size
2,211 SF
Year Built
1920
Listing Agency:
Penn One Realty
(856) 222-0077
Listed By:
Amanda Strain
(610) 679-0127
Source:
Thetristaterealestategroup
Added: Jan 2, 2024
Changed: Oct 3
Last Checked: Oct 5 at 3:38PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Penn One Realty
Investment Insights
Based on property information with market context.
This newly refurbished five-unit apartment building offers updated interiors across all units. The apartments feature white cabinets, durable linoleum flooring, and white subway tile bathrooms. The unit mix includes two units on the first floor, two units on the second floor, and one unit on the third floor.
A finished basement includes a utility room and a separate laundry room. The property is described as being visible to Passyunk Fountain and Black and Brew Coffee House, with an excellent walking location to restaurants, bars, and coffee houses.
The building’s five-unit layout and renovated finishes may appeal to buyers seeking a small residential income property with multiple separate units. The combination of basement utilities and dedicated laundry space can support everyday tenant needs, while the unit distribution across three floors and the basement helps create a straightforward, self-contained configuration for residential living.
A finished basement includes a utility room and a separate laundry room. The property is described as being visible to Passyunk Fountain and Black and Brew Coffee House, with an excellent walking location to restaurants, bars, and coffee houses.
The building’s five-unit layout and renovated finishes may appeal to buyers seeking a small residential income property with multiple separate units. The combination of basement utilities and dedicated laundry space can support everyday tenant needs, while the unit distribution across three floors and the basement helps create a straightforward, self-contained configuration for residential living.
Key Highlights
- Newly refurbished 5‑unit apartment building in Philadelphia (Year built: 1920).
- Unit mix: two units on the first floor, two units on the second floor, and one unit on the 3rd floor.
- 3rd‑floor unit includes a finished basement with a utility room and a separate laundry room.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,778
Cap Rate
4.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$695,560
$695.6K
Cap Rate 7%
$496,829
$496.8K
Cap Rate 9%
$386,422
$386.4K
Market Conditions
NOI Build-Up for 2,211 SF
Gross rent
$67.1K $30.36/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$63.2K $28.60/SF
− OpEx
−$28.5K −$12.87/SF
NOI
$34.8K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$695,560
Cap Rate 7%
$496,829
Cap Rate 9%
$386,422
Alternative Uses
Best Use
Apartment 5plus
$496.8K
$434.7K – $579.6K
NOI $34,778 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$539.0K
$471.6K – $628.8K
NOI $37,730 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
4,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - A newly refurbished five-unit building in Philadelphia with updated finishes and on-site laundry convenience.
Where is this apartment building located?
The property is located at 1518 E Passyunk Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Newly refurbished 5‑unit apartment building in Philadelphia (Year built: 1920).; Unit mix: two units on the first floor, two units on the second floor, and one unit on the 3rd floor.; 3rd‑floor unit includes a finished basement with a utility room and a separate laundry room.
